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First quarter 2011 income from continuing operations was the highest since the second quarter of 2008, and compares to the 2010 fourth quarter income from continuing operations of $258 million, and a first quarter 2010 loss from continuing operations of $194 million. Fourth quarter 2010 income from continuing operations included a $35 million positive impact for special items, while the loss from continuing operations in the first quarter of 2010 included a $295 million negative impact for special items.
Net income for the first quarter of 2011 was $308 million, compared to net income in the 2010 fourth quarter of $258 million and a net loss in the first quarter of 2010 of $201 million.
The improvement over the 2010 fourth quarter results was driven by higher realized prices for alumina and aluminum and growing demand for aluminum products in major end markets, along with productivity improvements. These were offset somewhat by a weaker U.S. dollar, along with higher energy and materials costs. Alcoa reaffirmed its projection that global aluminum demand would grow 12% in 2011 on top of the 13% growth rate in 2010.
“It was an excellent first quarter as we improved profitability across all business segments, set profit records in our midstream and downstream businesses and grew substantially,” said Klaus Kleinfeld, chairman and CEO. “This was a total team effort. Our outlook for the rest of 2011 and beyond remains very positive due to the world’s growing population, increasing urbanization, and aluminum’s advantages as a light, strong and recyclable material.”
For additional details, visit www.alcoa.com.